Alas... As always, CV faces a "fickle finger of fate"...
EACH & EVERY DAY he risks exceeding the boundaries of political correctness... (Sometimes - the audience just isn't "LAUGH-IN")... Indeed - This blog doesn't come with an imbedded "laugh track", but maybe I could find one... Maybe a few more Justin Beiber videos would suffice...
But today I have help (in the mirth category)... It's IMBEDDED... It's FOMC Day!... And while I know you all (and the markets) wait with nervous anticipation on how to TRADE THE NEWS later on... There's still the matter of "how do we pass our ZERO VOLUME moments" up until that moment arrives?... So I thought I'd give you an IN DEPTH look at actually how the FOMC comes up with policy decisions (or the history thereof)...
From the FED's own website:
"The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three "tools"..."
BLAH BLAH BLAH... It goes on from there... But CV is a quick study... I quickly understood that in creating policy, it uses "three tools"...
I don't have time for a detailed assessment, but let's examine ONE of those tools...
Ben Bernanke
Role: Chaiman
Field of Study: The Great Depression
Minor: Helicopter Maintenance
Here is a sample of the body of economic work (formerly at Princeton)...
Question: If ever you became FED CHAIRMAN, what would be your stance on the supply of money?
Explain your "toolbox" for such a policy maneuver...
Extrapolate...
Can you illustrate a mechanism you'd use to accomplish such an complicated agenda?
And the "mechanisms" of your colleagues?
There are rumors that there are others (such as the 'de-facto' leader of the White House economic team - de-facto because he's the only one left not named TREASURY SECRETARY), that would covet the job of Fed Chairman... Can you explain, or illustrate why you're more capable than he? (it is acceptable to use his responses to exam questions as evidence for your claim)...
Evidence submitted:
Solve the following two problems...
OK... You're hired... And I'm sure you're going to do a fine job... But please... All your work seems to be in the realm of PhD wizardry... How in the world are you ever going to explain the complex details of your inner workings to your boss, and the people you're appointed to serve?...
And if they STILL don't get it?... I mean, I know people are STUPID... But some of them possess "street smarts"... Some just simply KNOW when they're being lied to... It's a characteristic that has been developed in human evolution... It's evolved from the PREDATOR/PREY symbiosis... That might be something to overcome...
How would you deal with it?
Jumpy markets and dollar buying ahead of the announcement. Perhaps the market realised it got ahead of itself on the loosening expectations.
ReplyDeleteChina stats tonight interesting, exports way up and better than expected, imports way down and worse than expected. Back to the situation that started this.
Interesting re crude - China apparent oil demand +19% Jun, 460kbd growth (massive!!??). But Petrochina say growth to just 4% 2H - which is bearish ...
I hardly ever watch movies but I have to recommend this one. Winner of the Sundance grand jury prize and absolutely gripping:
ReplyDeletehttp://www.wintersbonemovie.com/
I'm watching too Nic. GBP is nearing terminal velocity.
ReplyDeleteHad some really good laughs from this post CV, thanks!!! I imagine you must be spending way too long trawling the web to bring us some of these gems.
ReplyDeleteBertie
I found out where the term "mulligan" came from. Fannie and Freddie!
ReplyDeletehttp://noir.bloomberg.com/apps/news?pid=20601103&sid=a.3qoVZwXH0I
Aug. 10 (Bloomberg) -- Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home.
Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s “underwater,” or worth less than the mortgage. It’s an attempt to escape payments on a home whose value may never recover while securing a new property, often at a lower price with a more affordable loan.
The practice, which constitutes fraud if borrowers lie on loan applications, is continuing even after Fannie Mae and Freddie Mac, the biggest U.S. mortgage-finance companies, beefed up standards to prevent it, according to brokers such as Collier and Meg Burns, senior associate director for congressional affairs and communications at the Federal Housing Finance Agency. Whether driven by greed or desperation, the persistency of buy and bail underscores the lingering impact of the worst housing crash since the Great Depression.
...Thanks, CV, for using your tax money to give these poor unfortunates another chance on the slot machine....
LB
ReplyDeleteTime to scare people into UST's yet?
Because I don't see a response in the 10yr yet.
ReplyDelete@BinT
ReplyDeleteWhatever I can do to help... :-)
@AmenRa
ReplyDeleteMy "first blush" guess is that FOMC will be "detached" from the overnight Shanghai...
Maybe we go down and test a support around 1116, but I'd bet the market gets supported there (unless some OTHER crazy thing comes along)...
What's going to be funny though is AFTER the FOMC statement...
There was hardly much wiggle room before (bumping up at 1130)...
With this little rollercoaster, it may actually be EASIER to push the averages past the barriers...
In any case, the VIX is going to have a fairly tall candle today...
JM2c
I want to hear the EARLY tweet from TOPSTEP (from karen) this morning so I hope she doesn't spill the coffee...
ReplyDelete
ReplyDeleteMaybe we go down and test a support around 1116, but I'd bet the market gets supported there (unless some OTHER crazy thing comes along)...
I'm thinking along the same lines... My thought last couple of weeks of not going to see 1134! We'll see 1116 before 1134 and maybe 1098 later this week.
18
From @sentimentrader on twitter:
ReplyDeleteOnly 3 other -1% gaps on FOMC days: 6/26/02, 9/24/02, 9/16/08. All led to +4% gains over next 2-3 days.$$
@18
ReplyDeleteI'm pretty sure a trip to 1098, at this point, would OBLITERATE the "primary" wave counts that most of the WAVERS are using as their model at the moment...
That said... I'm not saying it CAN'T happen...
I see "primary wave counts" get destroyed all the time... In fact - I was writing just last week about that exact subject... That is: AS SOON AS A WAVE COUNT BECOMES PRIMARY, THE CHANCES THAT IT'S GOING TO BE TORCHED INCREASE EXPONENTIALLY...
It's kind of like out famous H&S patterns...
I'm not "dissing" EWI... I'm just saying that you have to be careful getting too "comfy" with a wave count...
I like to take a peek over at Dan's site every once in a while... I admire his work and efforts, but oftentimes when he starts getting "cocky" about a call, it tends to get demolished...
So we'll see...
Minis are taking out 1116...
ReplyDeleteBetter suspend all judgements for awhile...
Nic @ 9:02.. It's different this time, laughing!
ReplyDeleteHey, I didn't know zombies could laugh but CV set the tone this morning..
Tried a sip of my coffee but burnt my tongue.. zombies can feel pain, too! Okay, really BIG BREAKINGnews this AM:
World Health Organization says swine flu pandemic is over - AP
@karen
ReplyDeleteSo we have that going for us... :-)
SPX right about to bump into 50SMA
ReplyDeleteTalk about positive spin! "U.S. productivity falls for first time since 2008
ReplyDeleteSign that companies may need to hire more workers in the near future"
http://www.msnbc.msn.com/id/38638247/ns/business-eye_on_the_economy/
Karen
ReplyDeleteFunny how the swine flu pandemic is over as pork bellies are sitting at all time highs.
Ra,
ReplyDeleteI am going with the pre-auction dump of 10y and 30y, as usual, although the moves could be muted by the FOMC noise.
Don't think it is time for the big dump (and run to govies) just yet.
mrtopstep
ReplyDeleteAre supposed to go flying in and buy the spoos? No, we don’t think so. This rally hasn’t happened with out sell offs and pull backs.
mrtopstep
ReplyDelete$ES_F #futures historical weakness occurs first 9 trdin days AUG, brings that out to Thursday of this week but expiry stas r mildly bullish
Well not all time high but about to take out the highs from '07 and continue to the highs of '04.
ReplyDeleteThis comment has been removed by the author.
ReplyDelete@AmenRa
ReplyDeletePB... I knew it!
"Cold steel" now??
ReplyDeleteVIX isn't exactly shooting to the skies. Today may be a Tale of Two Tapes with Helicopter Ben calming the markets later with dovish cooing.
ReplyDeleteGovies aren't doing much, this is an equity dump, credit is firm. We don't really like Treasuries much here in the short term. (Although we HEART them in general).
Wonder if the KT will exert its magnetic attraction on Mr Market?
Futures are trying to find support and base at 1110...
ReplyDeletePopular number... (it must be an ALGO thing - they like 1's & 0's)
@LB
ReplyDeleteI agree... As of now, I'm positioning for a snapback... (in a small way)...
Just a hunch...
FXE at low of day.. shoulda left my other post as i had one new topstep tweet in it.. (sorry Nic! i need to refresh more often : )
ReplyDeleteThat hammer on the 5-min SPX chart must have been made of cheap plastic...
ReplyDeleteI think it has more to do with the Aussie than govvies...
ReplyDeleteWe are not playing equities here. We are short gold, the 10y, the 30y (these are hedges) and short the yen.
ReplyDeleteEURJPY back under 1.1300
ReplyDeleteYou know, come to think of it... This has been the "MO" recently...
ReplyDeleteOn Tuesdays, we go down and paint some of the space in the area that the RIDICULOUS "melt-up" on the previous Friday at 2:40 PM left uncovered...
The WARREN BUFFETT of the next generation is going to write his autobiography on how he attained his massive riches...
ReplyDeleteHis advice?
"Well - I was a BUY & HOLD investor (I BOUGHT at 2:40 on Friday afternoons and HELD it until the close on Monday)"...
Yes, it will all end in tears.
ReplyDeleteInteresting call for breakup of RBS and Barclays. Anyone listening?
Break Up RBS Now
@LB
ReplyDeleteIt will all end in (P)ears...
http://style.catalogs.com/images/pear%20shaped%20celebrities.JPG
Well - I was a BUY & HOLD investor (I BOUGHT at 2:40 on Friday afternoons and HELD it until the close on Monday)
ReplyDeleteHAHAHAHAHAHA!!!! Now that's funny
I also fully concur with the following, especially the Good Money After Bad comments on housing. Let it fall....
ReplyDeleteCaroline Baum on Karen's Recoveryless Recovery
That's one ripe pair, CV.
ReplyDeleteGuess what I can see from where I am?
ReplyDeleteNight Time ending, The XX live in Central Park
ReplyDeleteI missed this free show but my son was there and just sent this short clip..
this makes me laugh my ass off-
ReplyDeleteA Jet Blue flight attendant apparently upset with an uncooperative passenger on a just-landed flight unleashed a profanity-laden tirade on the public-address system, pulled the emergency-exit chute, slid off the plane and fled Kennedy International Airport, a law enforcement official said.
so much for customer service
@ahab
ReplyDeleteI read that this morning...
MY KINDA GUY! :-)
Mrtopstep:
ReplyDelete$ES_F #futures 08:23:53 Our call? early wkness could be precursor to the day. We think you sell rallies first part of the day res 1114.50
8 minutes ago via web
Reply Retweet
TOP NOTCH has 1111.10 trend line then thew 200 day ma at 1106.00 3 mins till the number (futuresmonster IM update sign up 4 free trial)
Was it a "green" chute... I wonder?
ReplyDeletenew band alert: "some band called chairlift that opened was really neat live too, lead girl had crazy charisma."
ReplyDelete@Nic
ReplyDeleteI think A LOT is going to hinge on where the HOURLY candle closes...
The 60 minute candle hasn't CLOSED below the trendline since 1010...
LB has to meet a deadline, back about 2 to share the "FUN".
ReplyDeleteWhat's that, BRIAN?
"THE FUN.... "
Armageddon Sells: Permabears Now Becoming Cool
ReplyDeleteI hear they are coming out w/ a fashion line-
"Earth to Ahab" of course they are coming out w/ a fashion line
http://www.youtube.com/watch?v=47Rf7UWqW-c
Action off the lows looks somewhat constructive and we landed right on support basically so this doesn't look too bearish from my chair. I won't trade today, not during soap opera day. I'd guess today turns out to be a total non even with the FOMC, but we'll see. Enjoy the daytime series while it still lasts.
ReplyDeletebeen working on some exciting new things with fibo retracements and time series, moving beyond the scope of placing the fibo markets at the high and low price extremes.
Nic, the winter's bone trailer is gripping, all right. thanks for recommending..
ReplyDeletewho said America is in decline?
ReplyDeleteTasteful Tattoo
@Nic
ReplyDeleteYeah - I meant to say... That TRAILER looks pretty intense...
i agree with mrtopstep
ReplyDelete$ES_F #futures 1114.00 last hi any happy shorts left out there lower your stops - hwever thinking new lows on horizon crrnt low 1108.50
http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=ajdm_3iFjnsM
ReplyDeleteFederal Reserve policy makers meeting today may find the market reaction to any announcement of steps to spur growth will be bigger than the impact on the economy.
@karen
ReplyDeletex2
but I think ben is right as well... This looks "corrective"...
http://www.usatoday.com/money/economy/income/2010-08-10-1Afedpay10_ST_N.htm
ReplyDeleteFederal workers earning double their private counterparts
"At a time when workers' pay and benefits have stagnated, federal employees' average compensation has grown to more than double what private sector workers earn, a USA TODAY analysis finds.
Federal workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row. The compensation gap between federal and private workers has doubled in the past decade.
Federal civil servants earned average pay and benefits of $123,049 in 2009 while private workers made $61,051 in total compensation, according to the Bureau of Economic Analysis. The data are the latest available."
...just raise taxes...grasshoppers of the world have to eat too, you ungrateful ants!
"any announcement of steps to spur growth"
ReplyDeleteSo I suppose THAT (steps to spur growth) is the new normal instead of "price stability" and "full employment"...
While I realize that the CONCEPTS can go hand in hand... Once again, CV is interested in PRACTICE, not CONCEPTS...
I wish the Fed (and everybody else) would get the concept of GROWTH out of their cabesas...
CONCEPT:
ReplyDelete"Let's put a halt to GLOBAL WARMING"
QUESTION:
"How shall we accomplish that?"
ANSWER:
"Why GROWTH, of course... How else?"
(cv rolls eyes)
wondering if anyone else thought of it as a contrary mag indicator like I did. I'm talking about the most recent RS article from Taibbi, everyone's new go-to financial reporter.
ReplyDeleteIn the most recent issue he writes "How the Banks Won" and though I haven't read it, I believe it is in relation to FinReg.
Now I know it's probably hard to swallow what with his newfound financial fame and squid catch-phrase but Taibbi really doesn't have it all figured out and I think this article will prove to be completely wrong. From what we've seen in FinReg thus far it is highly deflationary, which is hardly a victory for banks that are almost wholly dependant on credit exansion.
The best thing though is Rolling Stone and the continued publication of such a conflicted magazine. While they love all things Obama, and I mean unconditionally!, they hate all things Wall St.
I fail to see much of a difference and I suppose that places me on their "Against Us" list.
CV
ReplyDeletere: EWI: They have been horrible for weeks now. I wrote a letter giving my two cents on how bad they were and I got a free month - which I'll gladly take as they are on probation with me. Their short term is awful as they are always swinging for the fences i.e. this is the start of minor 3! They continue to claim objectivity but they have shown none the last few weeks until last week.
re: primary wave counts - for me I'm looking for a break of 1107.17, close under 1095, close under 1083.37, any break of 1056.88, and the final nail in the coffin would be new lows under 1010.91. Until the break of 1056.88 happens, all my preferred counts will be going to the upside.
I'm of the belief we just ended i of (v) of C. Still looking for 1150-1170, possibly higher but not as sure as the aforementioned range.
CONCEPT:
ReplyDelete"Let's end all wars and have peace"
QUESTION:
"How shall we accomplish that?"
ANSWER:
"Why GROWTH, of course... We need to get MORE humans competing for the finite resources of this planet... That ought to end their antagonistic feelings and mistrust for one another"
headlines like this just kill me
ReplyDeleteWill US Slip Back Into Recession?
wow- no doubt- things have been going so swimmingly- economy just humming along like a well oiled machine
@McF
ReplyDeleteI read an article yesterday handicapping the upcoming elections...
It basically said that the AVERAGE "loss" of seats in the HOUSE is around 36 in a situation where the sitting President has an approval rating under 50% (Obama is 45% now)...
Even so... the GOP would need 40 seats to take back control...
As usual - it'll probably go down to the wire, and is likely FAR FROM OVER...
Mind you... Not that it REALLY make a whole hell of a lot of difference, but if the GOP can set the agenda (and get Pelosi out of there)... Then at least some "stalemate" may arrive...
Which wouldn't necessarily be a bad thing...
I'd see STALEMATE as actually being POSITIVE for Obama himself... Then we'd have to see in 2012 if TPTB actually want him to stick around...
I can't tell yet whether they've used him all up yet (and/or if he'll be shown the back door)...
@Bruce: Perhaps it are the private sector employees who are UNDERPAID?
ReplyDeleteMSM aiding and abetting intra-class warfare. Nice.
this is humorous tho perhaps not real:
ReplyDeletehttp://thechive.com/2010/08/10/girl-quits-her-job-on-dry-erase-board-emails-entire-office-33-photos/
@McHappy,
ReplyDeletejust keep in mind man, that's what EWI is best for, checking your own counts against theirs and teaching yourself how to truly become objective. At least you got a free month out of it.
Are SOME public sector employees overpaid? Yes, but most are not. My own sister-in-law makes $40K/year teaching at one of the top schools in their town, and not so great health bene's for her family. Is that really "overpaid"? I think not, especially for a top teacher (which she is) at a top school. Do we really want to go down this slippery slope?
ReplyDeleteWhy isn't the MSM questioning whether or not corp. execs are overpaid? It would seem to me that this is a FAR more egregious offense relatively speaking? And don't tell me about "free markets" when it comes to corp exec comp. There's no such thing. It's all a convenient fantasy perpetuated by TPTB.
http://www.nakedcapitalism.com/2010/08/are-those-horrible-sometimes-unionized-state-and-local-employees-overpaid-apparently-not.html
Canada sees ‘dramatic’ housing slowdown: Global Real Estate Trends report http://bit.ly/9PxlSe
ReplyDeletethinking out of the box! http://consumerist.com/2010/08/a-pilots-perspective-on-woman-removed-from-plane-for-asking-if-captain-had-been-drinking.html
ReplyDeleteJeffrey Kennedy, EWI's Chief Commodities Analyst, comments on long-term trend in Wheat and other commodities in the latest issue of his Daily Futures Junctures:
ReplyDelete"Even though I wrote about Wheat Monday evening, I thought I would walk you through a big picture top-down analysis of Wheat in tonight's update. Commodities, historically, exhibit a 30 year peak-to-peak trough-to-trough cycle. As you can see in tonight's [long-term charts], significant commodity tops have occurred, roughly, in 1920, 1950, 1980 and 2010. Now, does this mean that commodities are going to simply nose-dive to absurdly low levels and stay there? Answer: Absolutely not. What is important to understand is that a commodity bear market is not like a bear market in equities. ..."
This is a GREAT response by a poster at Naked Capitalism to the old public union intra-class warfare attempts by the likes of old Lou Mish and others on the Right. Couldn't have said it better myself:
ReplyDelete"As a state worker myself, I have been trying to fight off the right-wing demonization of my family, co-workers and me as lazy, money-sucking leeches on the hard-working limbs of the body politic for some years now. The truth is that we work hard, spend our money in our neighborhoods and help keep local businesses alive, and pay taxes (yes, taxes!) that allow our non-government-worker neighbors to drive cars with subsidized gas on government maintained roads and bridges, educate their children, maintain fire and safety service, and haul their garbage away, to name just a few benefits we help make possible. I have watched us being painted as “union thugs”–we who are grandmothers and church deacons and suburban gardeners–have watched our hard-won pensions portrayed as undeserved pork, have gotten sick to my stomach as overpaid Neanderthals on TV point fingers at us, accusing us of being the soul of corruption, taking food out of the mouths of the babies of “real America”, and basically being everything that is wrong with the country.
It’s not our fault that for the last 35 years Americans have allowed their love affair with the rich to dictate the domestic policies that destroyed unions and transferred their wealth to those at the top. If they finally woke up one day and realized that everything turned to shit some time ago, and they haven’t had a real raise for most of their working lives, they need to look in the mirror and ask themselves where they were when Reagan destroyed the air traffic controllers’ union, when tax policy was changed to favor the FIRE sector over manufacturing, when the 401 (k) clause and the vagueries of the stock market were transformed into the only retirement option available for most, when the anti-trust laws were put into mothballs, when limited partnerships for corporations were given the green light, when TARP was engineered by Wall Street for Wall Street. While they were off railing against the taxes that paid for their decent standard of living, their feudal lords were cutting their economic legs out from under them. And now they wake up and want to blame me."
This is a GREAT response by a poster at Naked Capitalism to the old public union intra-class warfare attempts by the likes of old Lou Mish and others on the Right. Couldn't have said it better myself:
ReplyDelete"As a state worker myself, I have been trying to fight off the right-wing demonization of my family, co-workers and me as lazy, money-sucking leeches on the hard-working limbs of the body politic for some years now. The truth is that we work hard, spend our money in our neighborhoods and help keep local businesses alive, and pay taxes (yes, taxes!) that allow our non-government-worker neighbors to drive cars with subsidized gas on government maintained roads and bridges, educate their children, maintain fire and safety service, and haul their garbage away, to name just a few benefits we help make possible. I have watched us being painted as “union thugs”–we who are grandmothers and church deacons and suburban gardeners–have watched our hard-won pensions portrayed as undeserved pork, have gotten sick to my stomach as overpaid Neanderthals on TV point fingers at us, accusing us of being the soul of corruption, taking food out of the mouths of the babies of “real America”, and basically being everything that is wrong with the country.
It’s not our fault that for the last 35 years Americans have allowed their love affair with the rich to dictate the domestic policies that destroyed unions and transferred their wealth to those at the top. If they finally woke up one day and realized that everything turned to shit some time ago, and they haven’t had a real raise for most of their working lives, they need to look in the mirror and ask themselves where they were when Reagan destroyed the air traffic controllers’ union, when tax policy was changed to favor the FIRE sector over manufacturing, when the 401 (k) clause and the vagueries of the stock market were transformed into the only retirement option available for most, when the anti-trust laws were put into mothballs, when limited partnerships for corporations were given the green light, when TARP was engineered by Wall Street for Wall Street. While they were off railing against the taxes that paid for their decent standard of living, their feudal lords were cutting their economic legs out from under them. And now they wake up and want to blame me."
Nic.. well it's about time! from one commenter, "The annual percentage rise in home prices could not and should not stay in the double digits forever. Basic math would suggest that without a matching rise in buyers' income, ever increasing housing costs are simply unsustainable. In effect, you would get to the point where no one could afford to buy, even at zero interest rates.
ReplyDeleteThis so-called slow-down should serve as a welcome reality check."
Testing.
ReplyDelete@karen
ReplyDeleteShe's HIRED!
@Manny,
ReplyDeleteA couple thoughts:
1. your sister-in-law and her $40k per year, how does it compare with everyone else in her area? This would be the starting point for any compelling discussion on whether or not her pay is "fair"
2. You are comparing apples and oranges to make your point. Wouldn't it be more appropriate to compare the ordinary teacher to the ordinary bank teller or the ordinary middle manager at Bank of America and the Public Union Presidents to the corporate executives? Why are we comparing people at the top of the private sector to teachers other than to make the divergence in pay appear as drastic as possible?
3. If there are no free markets because it's all made up by TPTB, then what is your opinion on a guy like Steve Jobs?
last, anyone trying to downplay the significance of these public sector pensions, like Paul Krugman, seems to have an agenda...yes?
That was a great response, thanks Manny
ReplyDelete@ben22: Look up the words "agency problem" when it comes to corporate executive pay. I'll let you spout on and on about your areas of expertise, but mine happens to be in this area and trust me, corp pay is a racket, whereby there is no true free market. Look up corp compensation consultants to get my drift. Please do a little research for yourself. I don't know shite about the markets. I'll giv eyou that, but you're NOT an expert on everything, bro.
ReplyDeleteSteve Jobs?!? Talk about "comparing apples to oranges". His ilk is few and far between these days in corp. exec-land. Please.
‘Buy and Bail’ Homeowners Get Past Fannie, Freddie Loan Hurdles
ReplyDeletehttp://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a.3qoVZwXH0I
And, yes, Paul Krugman most certainly has an agenda. I take his stuff with a grain of salt as well, but just offering a counterpoint to the likes of the USA Today, or the "McPaper" as one of my professors used to call it.
ReplyDeleteJNK putting in fifth red candle in a row ? consolidation or distribution..
ReplyDeletecheck out the h&s on cstr..
ReplyDeleteand, ben, did you note the exas move today?
"And now they wake up and want to blame me."
ReplyDeleteWhat does this person expect people to do? Everyone is always looking for someone else to blame, nobody looks in the mirror, look even that poster is guilty, it's right in the reply about the market even: "when the 401 (k) clause and the vagueries of the stock market were transformed into the only retirement option available for most"
This is only the warm-up, I hope this church-going grandmother realizes that.
btw, facts are facts regarding the stock market being the only viable retirement option, I'm beyond tired of hearing about how people have been forced into stocks, it's rubbish:
http://www.ritholtz.com/blog/2009/03/stocks-vs-bonds/
@ben22
ReplyDeleteRe: Wheat
This is an "off the cuff" statement... But it seems to me that the recent spike in Wheat had more to do with the record temperatures and the fires in Russia than anything else...
I mean... The spike in SUGAR last year was largely due to weather and harvest as well (and coffee, recently did the same I believe)...
Not saying that long term patterns are not viable or valuable as a guide... But I think these recent moves have more to do with concrete & finite occurrences...
manny-
ReplyDeleteI zero sympathy for public unions- a recent phenomena-
why do they exist? Was it get more of their fair share of the profit that was being taken by the capitalists running the departments of government- does that even make sense?
maybe it was to get more of the tax dollars in the forms of pay and benefits- when they already have one of the most secure jobs on the planet-
and I never met a teacher that didn't think they were one of the best teachers- my sister included- they all think that
@ben22
ReplyDeleteThat said...
I'd be very careful about trying to understand LONG TERM trends when it comes to "soft commodities"...
It's fine if you want to go back to 1920, 1950, & 1980... But there weren't 6 billion mouths to feed back then...
Basically, for me to believe 2010 is another PEAK... I'd have to start thinking along the lines that we're going to "cull" 2-3 billion humans in the coming years...
To the carousel bitchez! :-)
And I'm not saying my sister-in-law is underpaid, but I can most certainly surmise that she ain't overpaid either, which is what this new MSM meme suggests and is trying to convey. $40K/year? I wonder where this meme is coming from? A little intra-class warfare now that the elites have been bailed out and it's time for some "shared sacrifice"?
ReplyDeleteAnd if she's a top teacher who makes a big positive impact on her kids, I'm guessing those parents wouldn't her to try living on substandard wages if it meant losing her to another field. That's often what drives good teachers to other fields.
Anyone who's worth their salt in any field likely thinks they're underpaid.
ReplyDeletePublic unions are a problem, but they are far from the menace they're being portrayed as, and certainly not even close to causing this fiasco that we find ourselves in. A convenient distraction though. Good on them for finding one. Previously it was the "Cadillac driving welfare queens" and "Willie Horton".
Stocks, by and large, are like the casino, they are for losers. Every now and then, the stock market offers a viable investment strategy. Most of the time it is for losers.
ReplyDeleteAmerica needs some good old-fashioned class warfare. The love affair with the rich, and especially the bankers, needs to come to an end.
ReplyDelete@ahab
ReplyDelete"and I never met a teacher that didn't think they were one of the best teachers- my sister included- they all think that"
That reminds me of that scene in BULL DURHAM where Susan Sarandon is going on about her "theories" and re-incarnation to Kevin Costner (Crash Davis)...
Crash says... "Why, does everyone think that in their past life they were GHANDI or something? Why wasn't anyone just JOE SCHMOE - lol?...
@LB
ReplyDelete"The love affair with the rich, and especially the bankers, needs to come to an end."
How about we start by pulling the D&G decals off the back of our cars?
Bingo, lb. It's coming. Might take a while though.
ReplyDeleteThe ass-kissing of our "betters" needs to cease becuase there's nothing better about many of them. We've been idolizing the wrong folks and behaviors all these years.
That was a great response, thanks Manny
ReplyDeleteand I have to disagree- that comment at NC was a person working on the defense- showing his political stripes- I am certain he never saw a "public sector" spiff he didn't like-
and I use to work at the IRS . . .saw the USG in action-
drones
Manny,
ReplyDeleteThe Steve Jobs example wasn't to serve as a comparison, but it was there to question your claim that free markets are a fairy tale made up by banks, sorry if that wasn't more clear. My point was mainly that I do support that if you can come up with something that people want, like Jobs did, as far as I'm concerned you can make all the money in the world.
Next, I certainly am not claiming to be an expert on national pay scales, or spouting on and on about it, wherever the hell you get that from. I am pretty damn good at math though which is ALL that my comments were about, using numbers for proper objective comparison, as opposed to using them to "prove" something that was believed before the numbers were even reviewed. You see, I'm not 'taking sides' I'm simply saying your comparisons are out of whack.
Are there tons of overpaid private sector employees? Of course there are, I used to play a game back when MBNA was around in counting how many "VP's" I met that made over 150k. Are there teachers that make much more than the average household in their area within a school district graduating under 40% of its seniors...yep, there's some of that too. These figures are meaningless without proper comparison though, something I think that people on both sides of the argument aren't truly doing.
Either way, it's another distraction discussion right up there with the double dip crap where people on both sides manipulate numbers to prove their own opinions.
@ahab: So every single gov't employee is a useless "drone"? I take offense to that. We're talking about potentially some of our neighbors, friends, and family here. Are SOME of them drones? Sure, but every single one? C'mon man.
ReplyDelete@ben22: I agree that it's a distraction. I was merely offering a counterpoint to Bruce's intra-class warfare McPaper post on federal employee pay. Don't think THEY don't have an agenda either. Everyone does.
ReplyDeletelove affair with bankers? Uh, I think it's fair to say that's been squashed thanks.
ReplyDelete@C,
re: wheat, I have no opinion, don't trade it and don't plan to, haven't even spent time on the chart, just found the comment above interesting is all.
could fed raise discount rate .25 today? fed funds should be raised .25 (this 0.00-0.25% is absurd.)
ReplyDelete@ben: The love affair with the rich in general though, lives on. I think it's safe to say that, no?
ReplyDeleteI also think that many revile bankers but would do EXACTLY what they are doing if they were given the opportunity. That's a cultural problem.
CV-
ReplyDelete. . .or the scene from "Defending your Life" when in purgatory Albert Brooks is looking at his past lives- and he is an African running away from a lion-
and Meryl Streep asks who he is- and he says "I think I'm Lunch"- lol
Manny:
ReplyDeleteYou completely either miss the point, or fail or recognize it. There is NEVER a time in human history where jobs that are funded by the taxpayer should pay more than twice what private employees make. How in the hell can you justify that. Whether you think private employees are underpaid or whatever the public employee is NEVER worth twice what the private employee is worth. This is the result, if you read the article of our elected officials just giving raises year after year.
If your relative feels she is underpaid at 40k, let her go to work for a private school that is not funded by the taxpayer.
...Uh huh...I thought so...
It is not about class warfare, it is about those with the power to tax living large. Unfortunately public jobs don't get outsourced to China...
ReplyDeletemanny-
ReplyDeleteit is political correctness nightmare in the USG-
it's very boring and the people are boring- and they may be my neighbors- but I bet they're boring
@Bruce: I'm not justifying it at all. I'm just saying that maybe private workers are the one's who are underpaid? And why might that be? Why don't we ask that question? Is that because of our fervent belief that we're somehow in a "free market" and they somehow always "work"? "Work" for whom, I might add?
ReplyDeleteI would guess that since the days of the Egyptians the poor envied the rich, lets not make the mistake of thinking this is some new thing because we all have tv's now.
ReplyDeletePeople always want something they don't have, and sad to say, if they end up getting it, they still aren't usually satisfied. I'm guilty of this more times than I can count in my short life.
I don't think the love affair with the rich will every completely go away, we just get attracted to different personas, so instead of people dying to get rich in banking moving forward they want to get rich in green energy, or in weed distribution....or....whatever the hot thing of the day is.
it's just herding.
You probably have very few actual non-virtual ends, ahab.
ReplyDeletefriends....
ReplyDeletekaren,
ReplyDeletere: exas, yes, saw it. I'm not in, though I keep talking about it!
It actually is about class warfare. Duh. If federal workers make 120k and private workers make 60k, if I were the federal worker I suppose I'd whine about "class warfare" too, but if the wages were reversed, I suspect the federal worker wouldn't be nearly as smug.
ReplyDeleteWe are cutting positions in our privately funded salt mine....Obama is adding billions to keep your sister employed...
...See the difference?
@b22
ReplyDeleteI was just using the comment on WHEAT to seed an argument...
Namely... That I DO have an opinion on "soft commodities"
To put this into context... This morning BR had a thread up on his site... I made a response to it (but i think CV is "banned" over there because it never showed up)...
Bottom line... BR was making comments about the AVERAGE "secular bear" lasting 13-17 years... So he was basically driving towards the idea that we'd be out of this by 2015 or so (assuming 2000 was the beginning)...
I asked him how many of the SECULAR BEARS he was using as his model were perched upon an Everest sized credit bubble and had upwards of a quadrillion dollars of notional derivatives to unwind [a process which, at present, is actually growing, and has shown no signs of reversing]...
I asked him if he assumed that all this was just going to vanish on DAY 6,204 hour 23, minute 59 of his SECULAR BEAR...
Anyway... I'd make the same point with "soft commodities"... Using models of 1920/50/80, you're not talking a world population of 6 billion that needed to be serviced...
Frankly, it's not so much of a FOOD, or land problem... It's a WATER & irrigation problem (coupled with fuel to bring to market, and basic supply chain)...
Trust me... The INFRASTRUCTURE is not equipped (and it's falling behind with regards to the number of mouths to feed and the AMOUNT they need to be fed if the ANTICIPATION is that the world needs "economic growth" to pull us out of the current state of affairs...
Just saying...
So the federal worker must accept bailing out rich bankers, but then turn around and sacrifice (AGAIN) so that we can get our deficit under control? Please. Where's the windfall tax on those bankers? Why can't THEY sacrifice SOMETHING for the betterment of the country if they care so much about the deficit?
ReplyDeleteb22-
ReplyDeleteall's I want is peace of mind-
"IF you can keep your head when all about you
Are losing theirs- then you'll be a man. my son"- Rudyard Kipling
karen,
ReplyDeletere: raise the discount rate
but I read they were going to do QE2, goldman said so, gold is going parabolic, what are you talking about?
snark-riffic btw.
Gross: The US faces increasing structural unemployment: This suggests our long-term unemployment rate could at its lowest be 7%, not 4%.
ReplyDeleteabout 19 hours ago via web
Gross: The low 2-year Treasury yield signals that credit markets believe the Fed won’t begin to raise interest rates for at least 2 years.
Oh, I forgot, it's because we all need to bow down to them because they "EARNED" all of that money they took. That's why. Keep kissing their boots and these things will keep happening.
ReplyDelete@Manny
ReplyDelete"love affair with bankers?"
Watch what you say... IT ACTUALLY LIVES ON (despite what you think)... How?
The politicians LOVE bankers for their campaign contributions...
http://hotjobs.yahoo.com/career-articles-worst_paying_college_degrees-1263
ReplyDeleteWorst-Paying College Degrees
"7. Education (starting annual salary: $36,200; mid-career annual salary: $54,100)
For the right people, teaching is an immensely rewarding career--and it's truly a noble one. The good news is, according to the U.S. Bureau of Labor Statistics (BLS), the employment opportunities for primary, secondary, and special education teachers are expected to grow by 14 percent in the coming decade. And there will be plenty of new opportunities in continuing education for adults, as professional skill requirements change ever more rapidly."
...Again, the point is not about your sister and 40k...she knew she was taking a career that wouldn't pay much. The point is that tax funded careers are now paying twice as much as private sector careers. That is not class warfare...that is the sort of thing that ends countries..
True, cv, but We the Sheeple don't help matters in that regard. Know thy enemy is the first rule.
ReplyDeletePicking (on) the low hanging fruit usually ain't the answer. It might feel pleasing emotionally though.
mrtopstep says $ES_F #futures SPU ML bot 400 up to 1114.50 area locals short only 40ish in pit
ReplyDeleteAnother Revision Of The Q2 GDP Number By JPM: Firm Now Estimates That The Real Economic Performance Was 1.3% From 2.4% http://bit.ly/ck16Pr
manny-
ReplyDeleteI like the "non-virtual ends" better(-:!!
and dude- you know I agree w/ you more often than not-
so we can disagree from time to time-
and if you haven't really been part of the government- it's hard to explain the surreal nature of it all-
I liked the Navy though! Warrior spirit and all
"The politicians LOVE bankers for their campaign contributions"
ReplyDeletecan't disagree with that, another example of how out of touch they are.
@manny
ReplyDelete"So the federal worker must accept bailing out rich bankers, but then turn around and sacrifice (AGAIN) so that we can get our deficit under control? Please. Where's the windfall tax on those bankers?"
Don't take this as a snide comment (because frankly - I share your "feelings" that people who probably provide a decent & humane service [like your sister & some of your friends])...
However, largely... It was the UNION voters who elected the 2006 Congress, and the 2008 POTUS...
The "policies" of these representatives (by force of overwhelming & fillibuster proof legislation), saw fit to chose the path of bailing out the bankers and financial system to SOLVE THE PROBLEM...
So perhaps they need to re-align themselves (if they think that would help)...
I doubt it would, or that they will...
I think there's far too much comingling of the issues regarding Federal government employees versus government employees at the state level. The issues are different. State employees are paid based on promises made by politicians at the state level. I don’t care so much about the promises that are made at the state level. One can escape taxes in one state by moving to another. What I strenuously object to is Obama’s efforts to bail out state government employees using Federal tax money.
ReplyDelete(That being said, I think we could easily get by with a lot fewer Federal workers).
@ahab: I once worked "summer hire" for two summers on a military base in my hometown, so I did get a sense for just how bad it can be in some cases. We basically got paid quite a bit of dough for back in those days for a college kid to "look busy" (play wiffle ball games in the back lot, and find a good place to hide in the truck on the base becuase there's no lawns to mow by August and nothing to do, as they're all yellow and dead). And what was even more comical, is that there was a new guy coming to join us every week when there wasn't enough work for any one of us to do! We also saw just how petty the politics were in those places, so I get that there's tons of waste in gov't and that it's a problem, but broadly attacking all of gov't workers isn't the answer. It's more nuanced than that, IMO.
ReplyDeleteanecdotes:
ReplyDeletere winter's bone from a girlfriend I emailed this morning: It's the best film I've seen this year!
re the market from my son, laughing.. (thanks for the belated HP tip, Wilder!) "ridiculous scary market, scary economy though. wish i'd told you to short hpq a few months ago after they bought palm given this whole hudd scandal, & i was just using an hp laptop in the apartment and it's just a joke. they'll probably be around longer than barnes and noble though, i've been to a few in the city and that is a company about to go the way of blockbuster/compusa/circuitcity."
we had a "nice" HP laptop a couple years ago that crapped out about 8 months after we bought it, then I switched to macs and haven't had a problem since.
ReplyDeleteI'm a little slow on the whole HPQ stock/Hurd stuff though, it took me a few days to realize everyone wasn't talking about Jodie Foster.
and manny- here is a picture of somebody who is always an optimist as long as his team is at the plate-
ReplyDeleteRecord corporate profits, four quarters – going on five – of GDP growth, global growth . . .the vast majority of people are working and paying taxes.
none other than my man Venndata- cheery always- defending Obama to the end-
and I thought that over 50% of the people didn't pay taxes?
well . . .what do I know
@DL
ReplyDelete"What I strenuously object to is Obama’s efforts to bail out state government employees using Federal tax money."
Um... DUH? Well where do you think that money arrives?
Blue states & Blue districts...
Now, that said... I invite any douchebag to link a graphic to this thread showing me how ALL states (you know, the North Dakotas, and West Virginias also received their share of bailouts)...
The question is "scope" & "votes"...
It might cost a half a million to SAVE 3 teachers jobs in West Virginia...
It costs 5 billion to save all the teachers and troopers in Illinois...
Not using REAL numbers here (just using it to quantify a point)...
Of course I have no doubt that the GOP would do the same thing in reverse...
All my point EVER is is to "can it" with regards to the idiots who ACTUALLY believed in HOPE & CHANGE back in 2008...
Jodie Foster!!!
ReplyDeletethat would be like same sex sexual harassment
CV,
ReplyDeleteYes, I understand the politics of it all too well.
"the vast majority of people are working"
ReplyDeleteyeah, it isn't really bad until U-3 measures 51%
that's probably the catalyst for a double dip.
bah!
but b22-
ReplyDeletethe employment rate is 90%- that's gotta be good right?
lol
75% of people are working, U-6 is 25%.
ReplyDeleteIs that good?
Karen
ReplyDeleteI have sworn off ever going to work in (someone elses) office again but this one looks amazing ...
http://www.businessinsider.com/office-photos-what-its-like-to-work-at-a-hedge-fund-in-san-francisco-2010-8
priceline coming to a team near you-
ReplyDeleteTeam Asks Fans To Name Their Ticket Price
@ahab: VD is a delusional political partisan.
ReplyDeleteNic.. I could live there quite happily : )
ReplyDeletethanks for posting.. there was one in nymag the other day but it was all about the food and flowers:
http://nymag.com/daily/intel/2010/08/no_more_free_lunch_for_morgan.html
@ahab
ReplyDelete"Team Asks Fans To Name Their Ticket Price"
Ha! What a bogus PR stunt...
That would be like Obama coming out with a plea to the American People...
"CITIZENS... Tell me if you want healthcare!"
Response: 78% "no" 22% "yes"
Response back to citizens... "Sorry, your offer has been rejected"...
wild_er
ReplyDeleteCreation is a stripped cog spinning through the dark.
8 minutes ago via Twitter for BlackBerry®
Yeah, let's have a national referendum on another $800B "stimulus" package.
ReplyDeleteWe'll see how far that gets.
Nic,
ReplyDeletethis is my plan whenever it is that I stop this job to trade full time, I'd like to make and office out of one of these and have a little trading cove in the backyard:
http://www.modern-shed.com/
Also, you might like this site:
http://www.officedesigngallery.com/
pushing singapore:
ReplyDeletehttp://www.time.com/time/business/article/0,8599,2007470,00.html
you see LB- 3 out 4 people working- times are good-
ReplyDeletemanny-
no doubt
CV-
hahahaha- of course- no "reasonable" offer refused-
only the "unreasonable" ones
ben, i was immediately able to forward that site to two people that will LOVE it.. thanks : ) (the modern shed)
ReplyDeleteWhat the average chick in NYC is thinking seeing LB on the subway?
ReplyDeletehttp://nymag.com/daily/intel/2010/08/day_one_730_am_wake.html?f=most-commented-intel-7d5
Just while we are waiting for Ben..
Wow Ben, that is really coool!
ReplyDelete3y auction off at 0.844%, bit of a tail on this one.
ReplyDeleteDemand was fair.
sigh- gotta roll-
ReplyDeleteall have a great day-
will the Fed announce a surprise 1 Trillion stimulus?
I'm on pins and needles (a cliche?)
Not our Ben, Helicopter Ben.
ReplyDeleteMark Hurd wants all the private sector money. Go ask him for it Bruce, and keep your guys on the payroll.
ReplyDeleteIf I were single I'd live in one of those sheds on a small plot of land back in my home-town. You can customize the layout, they've got a quite a few different ones, I'm way into them,
ReplyDeleteglad you ladies enjoyed.
alaidi
ReplyDeleteBtw, #FOMC does not call it QE but CE. so look for asset purchases and not the term "QE" in todays statement $$
They may not call it QE but it is what it is...
ReplyDeleteBut it is all priced in, welcome back BUCKY, it's been too long.
I had a look at the actress that cost Herd his job...
ReplyDelete...not a 10..
QE is clearly the wrong thing to do.
ReplyDeleteSo... what do we expect? They will do QE Ultra-lite and dove talk ("Extended Period"). The can will be kicked down the road and we will have a "Goldilocks" reaction in equities.
Bernanke is a master of this stuff.
Bruce.. i don't think it was her.. i think it was his expenses..
ReplyDeleteI read that too, Karen, but men and women...working together...
ReplyDelete..How come she got a settlement?
if I were brave enough to trade on a day like today I'd probably think the same lefty, and I'd have gone long, but that almost seems too easy of a call, so maybe we get a big puke instead.
ReplyDeletebut yes, classic, whatever is the worst idea, that's what we should bank on them doing.
"the actress that cost Herd his job......not a 10.."
ReplyDeleteYeah, but not bad either.
I noticed that neither CNBC nor Bloomberg ever showed her picture when they were covering the story (at least not that I saw).
http://www.youtube.com/watch?v=QOM3DWhv4SM
ReplyDeletevix sonar
http://www.infolizer.com/?title=jodie+fisher
ReplyDeletefotos and videos here.. : )
topstep ! http://www.youtube.com/watch?v=ft5OkRIWBYw
ReplyDeletelook at the small caps today, that's the best stock short when this p.o.s. turns again imo.
ReplyDeleteif we don't take out last week's low (1106ish) i give up..
ReplyDeleteThis comment has been removed by the author.
ReplyDeletedarn it! i hate it when i refresh topstep before it plays thru..
ReplyDeleteMy friend MrBig says his offices are nicer than the SanFran ones and he has an infinity sink. sigh ...
ReplyDeletehttp://www.guardian.co.uk/business/2010/aug/10/oracle-boss-blasts-hp-board-over-hurd-sacking
ReplyDeleteNic, really impress me and tell me he has a view of the mediterranean !! sighning, also..
ReplyDelete@ben
ReplyDeleteIf you want...
CV can build you one of those on his farm...
You can live "rent free" (and all the hiking & fishing you want nearby)... Free food too...
I'd just make you an indentured servant and make you pull weeds and perform other odds & ends...
DEAL?
No the river Thames in London. I don't think his offices are as modern, more clubby and his boss has a lead lined office (radiation)
ReplyDeleteLB has a view of a fire escape and a grungy courtyard.
ReplyDeleteNYC baby...
Whether the decision to sack Hurd was a good one or not will depend a lot on who they get, and what the stock price does as a result.
ReplyDeletemrtopstep
ReplyDeletecud be a retest of new lows, with the 1106.00-1104.00 area 1st target. Wud recmnd a tight stop above the opnin range if short.
2 minutes ago via web
Reply Retweet
mrtopstep
$ES_F #futures [1159:45 AM]: Top Notch:What's imprtant - didn't trade above its open & now if there is a trade back under that 1110.00 price
LOL
ReplyDeleteI am gazing out over fields of round up ready soy beans and next farms ponies.
I hate pesticides
ReplyDelete"LB has a view of a fire escape and a grungy courtyard"
ReplyDeleteI hear that panoramic views like that can be pretty expensive.
"Jodie Fisher is an American actress whose film credits include Intimate Obsessio and Body of Influence 2."
ReplyDeleteThey sound like pornos...
This was my view from my office in Italia...
ReplyDeleteSucks that I had to leave...
http://images.ownersdirect.co.uk/perugia-area-home-italian-rentals-view-of-antognolla-castle-from-infinity-pool-135447.jpg
Thats a beautiful view.
ReplyDeleteHow are the tilapia doing? How big are they now?
I find most of the blog discussion on deflation weak because most people fall back on prices rather than what deflation or inflation actually is.
ReplyDeleteIn any event, there is a building chorus around this topic to the point where now it's easy to find someone discussing/debating it on a daily basis. In the year 2000 EWI first published their long term chart which overlapped the DJIA with the number of times the term "new economy" was referenced in US or global publications since 1985, it started going "off the charts" in 1999.
In 2000, EWI made the claim that before this was all over the most used phrase would no longer be the "new economy" but rather, "deflation".
while that might not seem like much of a call to make today, they forecast it in 2000.
@Nic
ReplyDeleteActually, that was the pool from my friend Rod's place... My place was on the other side of the hill (but has the same view)...
I just linked that foto because it was quicker...
I'll find some fotos from my pad and put them up sooner or later...
Anyway... Rod was Australian (and hardly ever there... So I used to hang out at his pool most of the summer...
Tilapia are normal...
ReplyDeleteI'm not really incubating yet because I want to give it time to make sure I have all the water specifications right...
So far, I'm not KILLING anybody yet... :-)
Those fish have me so freaked out.. I actually get nauseous thinking about them.. lol.
ReplyDeleteC,
ReplyDeleteI enjoy yardwook quite a bit so that sounds like a pretty decent deal to me.
B22 said...
ReplyDelete“I find most of the blog discussion on deflation weak because most people fall back on prices rather than what deflation or inflation actually is”
As I posted on Ritholtz’s site a few minutes ago, I want to see people use objective criteria such as the CRB index. If you want to say that we can have rising prices at the same time that we have deflation, then fine, but I still want to see objective criteria.
My point (at the moment) is not to argue for or against deflation; it’s just about the need for specific indicators.
a must read: http://www.fundmymutualfund.com/2010/08/ap-forced-to-retire-some-take-social.html
ReplyDeleteGet ready for the "kneejerk" FOMC bs...
ReplyDeleteLet me guess...
ReplyDeleteWe RAMP up... hit 112.25 on the SPY... Bulls jump in...
Then we cave down to 1106...
Classic! :-)
Cv,
ReplyDeleteHave you seen my panties?
all those ridiculous, immature panty comments can only be from one person!
ReplyDeleteDL,
ReplyDeleteI have to ask, if you want to use CRB, why aren't you using the S&P 500 instead?
The inflation in the 70's brought about a dramatic price increase in the former, the inflation of the 80's and 90's brought about the dramatic price increase in the latter.
I confess.
ReplyDeleteThe panty comments are all mine.
Added to our bond hedges, just a feeling. Believe it or not, bonds and stocks can both be sold... odd that...
ReplyDeleteB22,
ReplyDeleteI'm not saying you have to use CRB. I'm just saying you should use SOMETHING.
S&P500 is indeed something.
Fed re-investing MBS to buy treasuries. QE LITE
ReplyDelete